This article first appeared on GuruFocus .
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Revenue:13.6 billion in 2025, up 15% versus 2024.
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EBITDA:1.2 billion with an 8.7% margin, improved from 8.6% in 2024.
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EBIT:705 million with a 5.2% margin.
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Net Income:280 million, up 13% versus 2024.
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Gross Leverage:Reduced from 4.5 times in 2022 to 2.6 times in 2025.
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Net Cash:770 million at year-end 2025 on a normalized basis.
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Order Intake:13.2 billion in 2025, with a construction backlog of 51 billion.
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Dividend Proposal:0.081 per ordinary share and 0.26 for savings shares, totaling around 80 million.
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Cost Savings:Over 200 million in savings from cost efficiency plans, above the 180 million target.
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Backlog:58 billion, with 90% in low-risk markets.
Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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WeBuild SpA ( IMPJY ) delivered a 160% total shareholder return over the last three years.
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The company achieved significant growth with revenues reaching 13.6 billion in 2025, surpassing the planned 10.7 billion.
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EBITDA margin improved from 7.2% in 2022 to 8.6% in 2025, with EBITDA reaching 1.2 billion.
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Order intake exceeded planned targets by 13 billion, resulting in a construction backlog of 51 billion.
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The company maintained a strong balance sheet with a net cash position of 770 million at the end of 2025.
Negative Points
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The company faced challenges from unprecedented inflation, interest rate increases, and currency volatility.
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Foreign exchange was a headwind, with revenues potentially 1.5 billion higher at constant 2022 exchange rates.
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Net exchange results were negative by 73 million, impacted by currency fluctuations.
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Working capital consumed over 0.5 billion of cash flow in 2025.
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The geopolitical situation in the Middle East presents uncertainties, although current operations in Saudi Arabia remain unaffected.
Q & A Highlights
Q: Can you update us on the commercial opportunities and execution of your main projects in Australia? A: Australia is becoming our largest market with a significant pipeline of complex and large-scale projects. We are working closely with clients on several large projects, which allows us to minimize risks and maximize returns. Our experience and capabilities give us an advantage in this market. - Pietro Salini, CEO
Q: What is the current status of Lane's turnaround and the US market? A: Lane has undergone a successful turnaround with a new team and a selective approach to projects. The US market is booming, and we have already achieved our order intake plan for Lane in the first two months of the year. This positions us strongly in the US market. - Pietro Salini, CEO
Q: What is your outlook for the book-to-bill ratio and CapEx in 2026? A: We expect a positive contribution from working capital in 2026, supported by advances on projects awarded in 2025 and early 2026. We anticipate around 900 million in CapEx for 2026, while maintaining a positive net cash position. - Massimo Ferrari, General Manager Corporate and Finance
Q: How are you managing the potential impact of geopolitical tensions in the Middle East on your projects? A: We do not foresee any negative effects on our projects in Saudi Arabia. The situation in the oil market could even lead to increased investments in the region. We are monitoring the global situation closely and remain prudent in our approach. - Pietro Salini, CEO
Q: Can you provide insights into the contract models for major projects like Snowy and Neom? A: For Snowy, we have transitioned to a target cost plus model, which improves risk apportionment and marginality. In Neom, payments have been regular, and production is progressing well. We do not foresee changes in the project scope at this time. - Pietro Salini, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
